Wednesday night's deal to fund the U.S. government and raise the debt ceiling is a temporary solution.
Wednesday night's deal to fund the U.S. government and raise the debt ceiling is a temporary solution. The agreement does not resolve the fundamental spending issues that divide Republicans and Democrats.
The short-term debt deal funds the government until January 15th, 2014. Americans face the possibility of another government shutdown early next year.
Tonight's deal will raise the debt limit until February 7th, 2014 to avert a possible default on U.S. debt obligations. The impact of a potential default would be devastating to the U.S. Economy, putting into question the credit of the United States Treasury.
There are a number of negative consequences if the government shuts down for a second time in January. Vacationers would be turned away from national parks, government-backed loans and mortgages would be delayed. A number of federal jobs would be furloughed. Of course, this all depends on whether or not Congress can compromise at the start of the new year.
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